Farm Superstores profit accelerates 20% to SAR 13.8 mln in H1 2023; Q2 at SAR 6.4 mln

Farm Superstores profit accelerates 20% to SAR 13.8 mln in H1 2023; Q2 at SAR 6.4 mln

10/08/2023 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) posted a net profit of SAR 13.8 million in H1 2023, 20% up from SAR 11.6 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 891.20 929.16 4.3 %
Gross Income 249.25 271.13 8.8 %
Operating Income 28.86 39.48 36.8 %
Net Income 11.55 13.83 19.7 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.26 0.31 19.7 %

The positive performance was driven by a SAR 38 million increase in revenues, due to higher revenues from existing branches and the entertainment segment.

 

The company noted that operating expenses for the current period grew by SAR 11.3 million, compared to the same period of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 452.41 449.22 (0.7 %)
Gross Income 127.89 134.24 5.0 %
Operating Income 15.54 19.01 22.3 %
Net Income 5.38 6.39 18.7 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.12 0.14 18.7 %

In Q2 2023, the company reported an 18.7% rise in profit to SAR 6.39 million from SAR 5.38 million in Q2 2022. This was spurred by an increase in the entertainment segment revenue and better control of the cost of revenues.

 

Sequentially, net profit fell 14.2% from SAR 7.45 million in Q1 2023, attributed to lower revenues affected by the decline in branches revenue.

 

Shareholders’ equity, excluding minority interest, stood at SAR 650.33 million as of June 30, 2023, compared to SAR 646.39 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 405.04 3.5 % 93.24 7.2 % 28.10 7.1 %
Q2 2014 475.21 19.5 % 103.31 15.8 % 29.36 38.2 %
Q3 2014 409.88 (0.9 %) 103.87 15.5 % 26.69 31.4 %
Q4 2014 450.89 6.4 % 102.85 17.0 % 28.00 5.9 %
Q1 2015 455.49 12.5 % 104.58 12.2 % 32.61 16.0 %
Q2 2015 513.81 8.1 % 123.00 19.1 % 34.21 16.5 %
Q3 2015 448.70 9.5 % 120.48 16.0 % 36.39 36.4 %
Q4 2015 474.32 5.2 % 108.13 5.1 % 16.62 (40.7 %)
Q1 2016 482.23 5.9 % 112.15 7.2 % 28.73 (11.9 %)
Q2 2016 524.82 2.1 % 130.10 5.8 % 28.69 (16.1 %)
Q3 2016 433.06 (3.5 %) 120.16 (0.3 %) 26.35 (27.6 %)
Q4 2016 490.53 3.4 % 102.79 (4.9 %) 20.73 24.8 %
Q1 2017 491.47 1.9 % 127.34 13.5 % 25.79 (10.2 %)
Q2 2017 516.42 (1.6 %) 127.70 (1.8 %) 23.86 (16.8 %)
Q3 2017 419.50 (3.1 %) 114.68 (4.6 %) 10.37 (60.6 %)
Q4 2017 178.50 (63.6 %) 72.65 (29.3 %) 1.51 (92.7 %)
Q1 2018 374.45 (23.8 %) 113.05 (11.2 %) 11.13 (56.8 %)
Q2 2018 400.89 (22.4 %) 93.72 (26.6 %) (15.93) (166.7 %)
Q3 2018 382.67 (8.8 %) 111.73 (2.6 %) 1.87 (82.0 %)
Q4 2018 405.90 127.4 % 124.47 71.3 % 10.15 572.9 %
Q1 2019 389.42 4.0 % 116.62 3.1 % 10.72 (3.7 %)
Q2 2019 402.51 0.4 % 115.51 23.3 % 12.51 178.6 %
Q3 2019 381.24 (0.4 %) 118.84 6.4 % 17.34 828.4 %
Q4 2019 407.75 0.5 % 123.37 (0.9 %) 24.93 145.7 %
Q1 2020 462.08 18.7 % 119.36 2.4 % 19.09 78.1 %
Q2 2020 566.40 40.7 % 132.04 14.3 % 28.03 124.0 %
Q3 2020 409.30 7.4 % 116.73 (1.8 %) 16.04 (7.5 %)
Q4 2020 425.50 4.4 % 113.07 (8.4 %) 11.78 (52.8 %)
Q1 2021 417.46 (9.7 %) 117.47 (1.6 %) 12.77 (33.1 %)
Q2 2021 417.05 (26.4 %) 119.47 (9.5 %) 14.38 (48.7 %)
Q3 2021 394.94 (3.5 %) 120.41 3.2 % 10.27 (36.0 %)
Q4 2021 421.96 (0.8 %) 129.53 14.6 % 16.62 41.1 %
Q1 2022 438.79 5.1 % 121.36 3.3 % 13.31 4.2 %
Q2 2022 452.41 8.5 % 127.89 7.1 % 15.54 8.1 %
Q3 2022 430.48 9.0 % 129.57 7.6 % 13.66 33.1 %
Q4 2022 477.00 13.0 % 137.77 6.4 % 26.19 57.6 %
Q1 2023 479.94 9.4 % 136.89 12.8 % 20.46 53.7 %
Q2 2023 449.22 (0.7 %) 134.24 5.0 % 19.01 22.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 27.54 11.6 % 0.61 - 27.54 0.61
Q2 2014 29.13 36.2 % 0.65 - 29.13 0.65
Q3 2014 24.70 11.2 % 0.55 - 24.70 0.55
Q4 2014 23.11 (14.0 %) 0.51 - 23.11 0.51
Q1 2015 29.08 5.6 % 0.65 - 29.08 0.65
Q2 2015 32.83 12.7 % 0.73 - 32.83 0.73
Q3 2015 28.95 17.2 % 0.64 (3.68) 32.63 0.73
Q4 2015 16.28 (29.5 %) 0.36 0.93 15.36 0.34
Q1 2016 25.45 (12.5 %) 0.57 - 25.45 0.57
Q2 2016 27.17 (17.2 %) 0.60 - 27.17 0.60
Q3 2016 23.19 (19.9 %) 0.52 - 23.19 0.52
Q4 2016 16.84 3.4 % 0.37 - 16.84 0.37
Q1 2017 22.53 (11.5 %) 0.50 - 22.53 0.50
Q2 2017 20.35 (25.1 %) 0.45 - 20.35 0.45
Q3 2017 7.21 (68.9 %) 0.16 - 7.21 0.16
Q4 2017 (43.36) (357.4 %) (0.96) (41.15) (2.21) (0.05)
Q1 2018 13.68 (39.3 %) 0.30 - 13.68 0.30
Q2 2018 (11.27) (155.4 %) (0.25) - (11.27) (0.25)
Q3 2018 3.54 (50.9 %) 0.08 - 3.54 0.08
Q4 2018 (2.17) 95.0 % (0.05) 3.79 (5.95) (0.13)
Q1 2019 (2.60) (119.0 %) (0.06) - (2.60) (0.06)
Q2 2019 3.78 133.5 % 0.08 - 3.78 0.08
Q3 2019 4.54 28.3 % 0.10 - 4.54 0.10
Q4 2019 4.55 309.9 % 0.10 - 4.55 0.10
Q1 2020 8.12 412.1 % 0.18 - 8.12 0.18
Q2 2020 19.19 408.3 % 0.43 - 19.19 0.43
Q3 2020 7.41 63.3 % 0.16 - 7.41 0.16
Q4 2020 4.05 (11.0 %) 0.09 - 4.05 0.09
Q1 2021 4.26 (47.5 %) 0.09 - 4.26 0.09
Q2 2021 4.52 (76.5 %) 0.10 - 4.52 0.10
Q3 2021 3.50 (52.8 %) 0.08 - 3.50 0.08
Q4 2021 8.50 110.0 % 0.19 - 8.50 0.19
Q1 2022 6.17 44.9 % 0.14 - 6.17 0.14
Q2 2022 5.38 19.1 % 0.12 - 5.38 0.12
Q3 2022 4.52 29.3 % 0.10 - 4.52 0.10
Q4 2022 6.75 (20.6 %) 0.15 - 6.75 0.15
Q1 2023 7.45 20.6 % 0.17 - 7.45 0.17
Q2 2023 6.39 18.7 % 0.14 - 6.39 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 21.97 % 7.70 % 5.98 %
Q2 2014 21.80 % 7.85 % 6.16 %
Q3 2014 22.66 % 8.26 % 6.32 %
Q4 2014 23.16 % 8.27 % 6.00 %
Q1 2015 23.14 % 8.40 % 5.92 %
Q2 2015 23.73 % 8.60 % 6.00 %
Q3 2015 24.13 % 9.07 % 6.29 %
Q4 2015 24.11 % 8.39 % 5.81 %
Q1 2016 24.17 % 8.14 % 5.54 %
Q2 2016 24.40 % 7.86 % 5.21 %
Q3 2016 24.58 % 7.47 % 4.76 %
Q4 2016 24.10 % 7.68 % 4.80 %
Q1 2017 24.76 % 7.56 % 4.63 %
Q2 2017 24.75 % 7.44 % 4.29 %
Q3 2017 24.64 % 6.76 % 3.49 %
Q4 2017 27.55 % 9.61 % 2.98 %
Q1 2018 28.75 % 9.43 % 2.62 %
Q2 2018 28.70 % 7.25 % 0.54 %
Q3 2018 29.27 % 6.81 % 0.28 %
Q4 2018 28.32 % 4.11 % 0.00 %
Q1 2019 28.28 % 5.12 % (1.03 %)
Q2 2019 29.63 % 8.06 % (0.08 %)
Q3 2019 30.11 % 9.99 % (0.02 %)
Q4 2019 30.00 % 11.41 % 0.65 %
Q1 2020 28.85 % 11.40 % 1.27 %
Q2 2020 27.16 % 11.23 % 2.00 %
Q3 2020 26.63 % 11.09 % 2.13 %
Q4 2020 25.83 % 10.20 % 2.08 %
Q1 2021 26.35 % 10.07 % 1.92 %
Q2 2021 27.96 % 10.18 % 1.21 %
Q3 2021 28.42 % 9.91 % 0.99 %
Q4 2021 29.48 % 10.35 % 1.26 %
Q1 2022 29.34 % 10.26 % 1.36 %
Q2 2022 29.23 % 10.08 % 1.38 %
Q3 2022 29.16 % 10.08 % 1.41 %
Q4 2022 28.72 % 10.56 % 1.27 %
Q1 2023 28.92 % 10.81 % 1.31 %
Q2 2023 29.32 % 11.11 % 1.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 45.00 2.18 2.18 9.33
Q2 2014 45.00 2.35 2.35 9.97
Q3 2014 45.00 2.41 2.41 10.52
Q4 2014 45.00 2.32 2.32 11.04
Q1 2015 45.00 2.36 2.36 11.68
Q2 2015 45.00 2.44 2.44 11.25
Q3 2015 45.00 2.53 2.61 11.89
Q4 2015 45.00 2.38 2.44 12.22
Q1 2016 45.00 2.30 2.36 12.63
Q2 2016 45.00 2.17 2.24 13.24
Q3 2016 45.00 2.05 2.03 13.75
Q4 2016 45.00 2.06 2.06 14.09
Q1 2017 45.00 1.99 1.99 14.59
Q2 2017 45.00 1.84 1.84 14.04
Q3 2017 45.00 1.49 1.49 14.20
Q4 2017 45.00 0.15 1.06 13.19
Q1 2018 45.00 (0.05) 0.87 14.68
Q2 2018 45.00 (0.75) 0.16 13.67
Q3 2018 45.00 (0.83) 0.08 13.74
Q4 2018 45.00 0.08 0.00 12.63
Q1 2019 45.00 (0.28) (0.36) 12.58
Q2 2019 45.00 0.06 (0.03) 12.66
Q3 2019 45.00 0.08 (0.01) 12.76
Q4 2019 45.00 0.23 0.23 12.82
Q1 2020 45.00 0.47 0.47 13.00
Q2 2020 45.00 0.81 0.81 13.43
Q3 2020 45.00 0.87 0.87 13.59
Q4 2020 45.00 0.86 0.86 13.66
Q1 2021 45.00 0.78 0.78 13.76
Q2 2021 45.00 0.45 0.45 13.86
Q3 2021 45.00 0.36 0.36 13.94
Q4 2021 45.00 0.46 0.46 14.11
Q1 2022 45.00 0.50 0.50 14.25
Q2 2022 45.00 0.52 0.52 14.36
Q3 2022 45.00 0.55 0.55 14.46
Q4 2022 45.00 0.51 0.51 14.64
Q1 2023 45.00 0.54 0.54 14.81
Q2 2023 45.00 0.56 0.56 14.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 22.00 22.00 5.14
Q2 2014 27.20 27.20 6.41
Q3 2014 30.58 30.58 6.99
Q4 2014 27.42 27.42 5.77
Q1 2015 24.69 24.69 4.98
Q2 2015 24.25 24.25 5.26
Q3 2015 20.03 19.40 4.27
Q4 2015 20.10 19.60 3.92
Q1 2016 16.72 16.29 3.04
Q2 2016 19.46 18.92 3.20
Q3 2016 10.94 11.05 1.63
Q4 2016 15.51 15.51 2.27
Q1 2017 15.43 15.43 2.11
Q2 2017 15.44 15.44 2.03
Q3 2017 18.19 18.19 1.90
Q4 2017 More than 100 22.04 1.78
Q1 2018 NEG 26.44 1.56
Q2 2018 NEG More than 100 1.59
Q3 2018 NEG More than 100 1.26
Q4 2018 More than 100 NEG 1.29
Q1 2019 NEG NEG 1.43
Q2 2019 More than 100 NEG 1.23
Q3 2019 More than 100 NEG 1.22
Q4 2019 70.10 70.10 1.25
Q1 2020 35.14 35.14 1.26
Q2 2020 27.50 27.50 1.66
Q3 2020 34.38 34.38 2.21
Q4 2020 37.26 37.26 2.35
Q1 2021 47.57 47.57 2.68
Q2 2021 87.39 87.39 2.84
Q3 2021 98.56 98.56 2.57
Q4 2021 62.39 62.39 2.04
Q1 2022 55.54 55.54 1.97
Q2 2022 40.70 40.70 1.48
Q3 2022 42.67 42.67 1.61
Q4 2022 35.88 35.88 1.24
Q1 2023 42.57 42.57 1.54
Q2 2023 50.19 50.19 1.94

Business Segments (Million)

Compared With The
Period Retail sector Home appliances Hospitality and Leisure
Q1 2018 361.66 2.60 10.19
Q2 2018 386.56 3.26 11.07
Q3 2018 369.39 2.56 10.71
Q4 2018 394.22 2.42 9.26
Q1 2019 375.00 5.39 9.03
Q2 2019 387.69 4.86 9.96
Q3 2019 368.52 2.34 10.39
Q4 2019 397.04 2.37 8.33
Q1 2020 453.22 2.29 6.58
Q2 2020 563.98 2.35 0.06
Q3 2020 403.32 1.29 4.68
Q4 2020 415.29 2.84 7.37
Q1 2021 409.21 3.03 5.22
Q2 2021 406.70 1.98 8.37
Q3 2021 382.22 1.44 11.27
Q4 2021 407.90 2.90 11.16
Q1 2022 423.28 2.87 12.64
Q2 2022 435.91 2.35 14.15
Q3 2022 413.36 0.91 16.21
Q4 2022 458.12 1.70 17.19
Q1 2023 462.31 1.89 15.73
Q2 2023 426.10 1.42 21.70

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 7.00 6.39 (8.7 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Hermes 7.00 6.39 (8.7) %


Financial Ratios
Current
Market Cap (M Riyal) 993.60
Enterprise Value (EV) (M) 1,563.94
Shares Outstanding ((M)) 45.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 15.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.05
P/E (TTM) 42.21
Price/book 1.46
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 3.5
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Share Price

Saudi Marketing Co.
22.08
0.28 1.28 %

Saudi Marketing Co. (FARM SUPERSTORES)

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